Have you done your homework in terms of rehab costs and timelines?  

As you become more experienced and can do the maths yourself better, don't feel constrained to only consider projects that FHA loans or any conventional loans for that matter can cover.Real Estate Agents like doctors or even all powerful lenders ;) are a resource.

@Jared PalaciosAccording to math and the south Minneapolis area I own a duplex in, just buy 3 duplexes and pay them off ASAP if you already have a good salary and no debt, you’d easily cash flow 50k a year.

Do your own homework, know your market, know you numbers.

It really is simply math.  

I like some 5-6 caps that are 800k, but even putting half down, the math doesn’t seem to work.

i am not an expert in any of the loan stuff, but it seems like a math problem to me.At some point the savings in the payment will cross over to the gradually "not decreasing" PMI.   

(i.e bank may offer 80% LTV but to meet cashflow goal you can only take 60%)Option 3: Somewhere in between these (2) Skip the math below if you have a generalized approach of how you would recommend.

As with any investment, the numbers have to be right and you have to do a lot of homework to know what you are getting into.

You really have to know how to do your homework and do your digging.